PepsiCo (PEP) financial statements
PepsiCo reported revenue of $93.9B in fiscal 2025, up 4.6% a year over 9 years.
Net income was $8.2B and the operating margin 12.2%, against 15.6% in 2016.
Free cash flow was $7.7B, and the company returned $7.6B in dividends and $1.0B in net buybacks.
The diluted share count fell 5% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from PepsiCo's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $62.8B | $63.5B | $64.7B | $67.2B | $70.4B | $79.5B | $86.4B | $91.5B | $91.9B | $93.9B |
| Cost of revenue | $28.2B | $28.8B | $29.4B | $30.1B | $31.8B | $37.1B | $40.6B | $41.9B | $41.7B | $43.1B |
| Gross profit | $34.6B | $34.7B | $35.3B | $37.0B | $38.6B | $42.4B | $45.8B | $49.6B | $50.1B | $50.9B |
| Research and development | $760M | $737M | $680M | $711M | $719M | $752M | $771M | $804M | $813M | $839M |
| Selling, general and admin | $24.8B | $24.5B | $25.2B | $26.7B | $28.5B | $31.2B | $34.5B | $36.7B | $37.2B | $37.4B |
| Operating income | $9.8B | $10.3B | $10.1B | $10.3B | $10.1B | $11.2B | $11.5B | $12.0B | $12.9B | $11.5B |
| Interest expense | $1.3B | $1.2B | $1.2B | $935M | $1.1B | $1.9B | $939M | $819M | $919M | $1.1B |
| Pre-tax income | $8.6B | $9.6B | $9.2B | $9.3B | $9.1B | $9.8B | $10.7B | $11.4B | $11.9B | $10.2B |
| Income tax | $2.2B | $4.7B | -$3.4B | $2.0B | $1.9B | $2.1B | $1.7B | $2.3B | $2.3B | $1.9B |
| Net income | $6.3B | $4.9B | $12.5B | $7.3B | $7.1B | $7.6B | $8.9B | $9.1B | $9.6B | $8.2B |
| EPS (diluted) | $4.36 | $3.38 | $8.78 | $5.20 | $5.12 | $5.49 | $6.42 | $6.56 | $6.95 | $6.00 |
| Diluted shares | 1.45B | 1.44B | 1.43B | 1.41B | 1.39B | 1.39B | 1.39B | 1.38B | 1.38B | 1.37B |
| Gross margin | 55.1% | 54.7% | 54.6% | 55.1% | 54.8% | 53.3% | 53.0% | 54.2% | 54.6% | 54.1% |
| Operating margin | 15.6% | 16.2% | 15.6% | 15.3% | 14.3% | 14.0% | 13.3% | 13.1% | 14.0% | 12.2% |
| Net margin | 10.1% | 7.6% | 19.4% | 10.9% | 10.1% | 9.6% | 10.3% | 9.9% | 10.4% | 8.8% |
Balance sheet
Fiscal years, from PepsiCo's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $16.1B | $19.5B | $9.0B | $5.7B | $9.6B | $6.0B | $5.3B | $10.0B | $9.3B | $9.5B |
| Inventory | $2.7B | $2.9B | $3.1B | $3.3B | $4.2B | $4.3B | $5.2B | $5.3B | $5.3B | $5.8B |
| Total current assets | $26.4B | $31.0B | $21.9B | $17.6B | $23.0B | $21.8B | $21.5B | $26.9B | $25.8B | $27.9B |
| Property, plant and equipment | $16.6B | $17.2B | $17.6B | $19.3B | $21.4B | $22.4B | $24.3B | $27.0B | $28.0B | $29.9B |
| Goodwill | $14.4B | $14.7B | $14.8B | $15.5B | $18.8B | $18.4B | $18.2B | $17.7B | $17.5B | $18.9B |
| Total assets | $73.5B | $79.8B | $77.6B | $78.5B | $92.9B | $92.4B | $92.2B | $100.5B | $99.5B | $107.4B |
| Total current liabilities | $21.1B | $20.5B | $22.1B | $20.5B | $23.4B | $26.2B | $26.8B | $31.6B | $31.5B | $32.8B |
| Long-term debt | $30.1B | $33.8B | $28.3B | $29.1B | $40.4B | $36.0B | $35.7B | $37.6B | $37.2B | $42.3B |
| Total liabilities | $62.3B | $68.8B | $63.0B | $63.7B | $79.4B | $76.2B | $74.9B | $81.9B | $81.3B | $86.9B |
| Shareholders' equity | $11.2B | $11.0B | $14.5B | $14.8B | $13.5B | $16.0B | $17.1B | $18.5B | $18.0B | $20.4B |
| Net debt | $27.8B | $28.7B | $23.6B | $26.6B | $36.0B | $34.7B | $34.1B | $34.4B | $35.8B | $40.0B |
Cash flow
Fiscal years, from PepsiCo's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $10.7B | $10.0B | $9.4B | $9.6B | $10.6B | $11.6B | $10.8B | $13.4B | $12.5B | $12.1B |
| Capital spending | $3.0B | $3.0B | $3.3B | $4.2B | $4.2B | $4.6B | $5.2B | $5.5B | $5.3B | $4.4B |
| Free cash flow | $7.6B | $7.1B | $6.1B | $5.4B | $6.4B | $7.0B | $5.6B | $7.9B | $7.2B | $7.7B |
| Stock-based compensation | $284M | $292M | $256M | $237M | $264M | $301M | $343M | $380M | $362M | $288M |
| Dividends paid | $4.2B | $4.5B | $4.9B | $5.3B | $5.5B | $5.8B | $6.2B | $6.7B | $7.2B | $7.6B |
| Share buybacks (net) | -$3.0B | -$2.0B | -$2.0B | -$3.0B | -$2.0B | -$106M | -$1.5B | -$1.0B | -$1.0B | -$1.0B |
| Net borrowing | $4.7B | $3.1B | -$4.0B | $651M | $12.0B | $667M | $919M | $2.5B | $156M | $4.1B |
| Free cash flow margin | 12.1% | 11.1% | 9.5% | 8.1% | 9.1% | 8.8% | 6.5% | 8.7% | 7.8% | 8.2% |
| Dividends per share | $2.91 | $3.11 | $3.46 | $3.77 | $3.96 | $4.19 | $4.45 | $4.83 | $5.25 | $5.56 |
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Open PEP in InvestinglyQuestions
What was PepsiCo's revenue in 2025?
$93.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does PepsiCo generate?
$7.7B in fiscal 2025 (operating cash flow minus capital spending).
From PepsiCo's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.